Money Services Business Licensing Framework
Statutory authorization framework administered by the Neves Licensing Authority for cross-border money transmission, foreign exchange, and payment services operations—subject to defined scope, eligibility, AML/CFT obligations, and ongoing supervision.
Institutional framework
This portal outlines the MSB licensing category under the Neves Licensing Authority ecosystem. It is designed to support structured due diligence by applicants, counterparties, and service providers, including banks and payment partners.
Statutory administration
Licensing determinations are made under an administrative framework that includes completeness checks, eligibility assessment, and compliance programme review.
Risk-based oversight
Supervision is applied proportionately, reflecting business model risk, geographic exposure, product complexity, transaction volumes, and control effectiveness.
Transparency via register
Licensed entities are recorded on the Public Register, enabling third-party verification of license status and details.
Scope of permitted activities
MSB authorization is limited to the activities and conditions described below. Applicants must ensure stated activities align with operational reality, customer segment, and transaction flows.
| Activity | Status | Conditions / notes |
|---|---|---|
| International remittance / money transmission | ✔ Permitted | Subject to AML transaction monitoring, sanctions screening, and record retention requirements. |
| Foreign exchange services | ✔ Permitted | Trade capture logs and auditability expected; disclosure and complaints handling controls apply. |
| Payment processing / merchant settlement | ✔ Permitted | Safeguarding and reconciliation controls expected, aligned to product and counterparty risk. |
| Digital wallet operations (custodial) | ● Conditional | Permissibility depends on structure, custody model, and safeguarding; enhanced control expectations may apply. |
| Deposit-taking / banking services | ✖ Not permitted | Not within MSB scope. Separate banking authorization would be required where available in a jurisdiction. |
Prohibited and restricted conduct
Applicants must not represent the MSB authorization as banking or deposit-taking. Misrepresentation, misleading marketing, or operating beyond the licensed scope may lead to administrative action.
- Deposit-taking representationsStatements implying acceptance of deposits or banking services.
- Scope driftIntroducing unassessed products or services without appropriate notification/approval pathway.
- Weak customer due diligenceCDD/KYC practices inconsistent with transaction or geographic risk.
Eligibility snapshot
Eligibility assessment typically considers governance, management fitness, operational readiness, and financial controls. The Registered Agent supports completeness and statutory declarations.
- Fit-and-proper directorsCompetence, integrity, and track record aligned to activity scope.
- Compliance officer functionDefined authority, independence, and escalation capability.
- Capital & safeguardingProportionate to model; reconciliation and segregation practices evidenced.
Application & assessment process
Applications are processed through approved Registered Agents. The process focuses on completeness, governance, operational readiness, and the effectiveness of AML/CFT controls relative to the proposed activity scope.
Scope mapping and documentation readiness checks.
Completeness checks and statutory declarations.
Ownership, governance, and control environment review.
Programme evaluation aligned to risk profile.
Information requests and remediation where required.
License number issued; Public Register updated.
Application intake
Use the intake channel to obtain the current document checklist and Registered Agent submission pathway. Ensure your proposed activities, customer base, and transaction corridors are described consistently across the application set.
AML/CFT & ongoing obligations
Licensees are expected to operate a risk-based AML/CFT programme proportionate to the business model. Ongoing obligations typically include reporting, record retention, governance maintenance, and supervisory engagement.
Minimum control expectations
Core elements generally include (non-exhaustive):
- Customer due diligenceKYC, beneficial ownership, and verification appropriate to risk level.
- Sanctions screeningCustomers, counterparties, and transactions screened with escalation procedures.
- Transaction monitoringRules and investigations aligned to product and corridor risk.
- Record retentionAudit trails maintained for statutory periods; retrievable upon request.
Supervisory & reporting framework
Ongoing engagement may include:
- Periodic reportingReturns on activity, volumes, complaints, and controls (as applicable).
- Data requestsTargeted requests to validate risk management and governance.
- Desk-based reviewsPolicy and sample-file reviews based on risk indicators.
- Administrative actionsConditions, suspensions, or controls where deficiencies are identified.
Public Register verification
The Public Register enables counterparties to validate license status. Verification typically includes the license number, legal name, status, and effective dates. Where applicable, historical status changes may also be recorded.
How verification works
- Confirm identityMatch legal name and license number to Public Register entry.
- Confirm statusActive / Suspended / Revoked status should be verified prior to reliance.
- Confirm scopeReview listed activities and any stated conditions/limitations.
Verification channels
For the authoritative register view and any official verification notices, use the Neves Licensing Authority register portal.
If a party claims authorization but cannot be located on the Public Register, treat that as a due diligence red flag until resolved.
Frequently asked questions
Practical questions from applicants, banks, and counterparties. For category-specific edge cases, use the Application Guidance channel.
Is an MSB license the same as a banking license?
No. An MSB license authorizes defined money services activities within scope (for example remittance, payment processing, and foreign exchange where permitted). It does not authorize deposit-taking or banking services.
Do applications need to be submitted through a Registered Agent?
Yes. Applications are processed through approved Registered Agents to support completeness checks, statutory declarations, and formal communications.
What do banks usually ask during onboarding?
Typically: scope alignment, governance and ownership clarity, AML programme effectiveness, transaction corridors, counterparties, safeguarding arrangements, and auditability of controls. Consistency across documentation is essential.
Where can counterparties verify MSB license status?
Verification is completed via the Public Register. A valid entry typically includes license number, entity name, status, and effective dates. Where applicable, conditions or limitations may be included.